Hello traders, Mark Chapman here. I’m the creator of the trademarked Trapped Traders Concept. Welcome to today’s Trapped Traders Trade of the Day Analysis. Today’s date is August 9, 2016.
The trap we’re going to look at today is what I refer to as a major structure failure trap, which occurred in this area here. Traders at the hard right edge would’ve believed that this strong move up was going to continue when it pulled back, and indeed it did look as if it was going to. But no sooner did that occur, the market has gone crashing down through that level, so this looks like a pretty good place to get short.
US non-farm payrolls are helping and the RBNZ are expected to cut rates later this week, so this looks like a pretty good trade.
If you’d like to join me in my Trade Room today to get analysis on all the pairs I’m trading and all the traps I’m considering, I’d love to see you there. Just click the button below to join me for today’s live Trade Room. Have a great day, and I’ll see you there.
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